MUSCAT: The manufacturing sector’s contribution to the Gross Domestic Product of the Sultanate of Oman grew an impressive 65.6 per cent as of end-September 2022 compared to the same period of 2021 where its share at current prices amounted to 11 per cent (9.3 per cent at constant prices), according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).
Citing statistics issued by the National Center for Statistics and Information NCSI, the Ministry noted that the volume of locally manufactured commodity exports also recorded a significant increase. Mineral products, for example, surged by 175 per cent, metals 27 per cent, chemicals 32 per cent and plastics 42 per cent compared to trends a year earlier. Omanis working in the industrial sector also grew 4.3 per cent to reach 34,790, it stated.
According to Eng Sami al Sahib, Director General of Industry, Oman’s industrial cities continued to attract heartening volumes of investments despite the back-to-back global economic downturn and the coronavirus pandemic period. Industrial investments now top RO 7.5 billion with as many as 2,398 projects currently in operation around the country.
The Ministry, he said, is currently focused on implementing the executive programms of the Industrial Strategy by including them in the five-year development plans. He also affirmed that, MoCIIP will develop a governance framework to follow up on the implementation of the outputs of the Converting and Future Industries Laboratory, and we will cooperate with investors to develop a time plan for the implementation of industrial projects that were announced during the Lab.
“We will also work to develop new incentives for industrial investment opportunities that include financing and land allocation,” Al Sahib added.
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